Immuron Receives AUD $0.53M R&D Tax Concession Refund
November 04 2019 - 11:30AM
Immuron Limited (ASX: IMC; NASDAQ: IMRN), an Australian
biopharmaceutical company focused on developing and commercializing
oral immunotherapeutics for the prevention and treatment of gut
mediated pathogens, is pleased to announce that under the
Australian Government’s Research and Development Income Tax
Concession incentive program, the Company has received a cash
refund of AUD $0.53 million for eligible research and development
expenditure incurred during the 2019 Financial Year.
This refund reflects the Company’s continual
investment made in its research and development programs during the
2019 Financial Year to progress its pipeline programs as well as
the continuous development of the Company’s existing Travelan /
Protectyn programs.
“We are grateful that the Australian Government
is such a strong supporter of the development of early-stage
biotechnology companies through the R&D Tax Concession
initiative scheme,” said Dr. Gary S. Jacob, CEO of Immuron.
“This cash refund mechanism provides a non-dilutive way to help
with the financing of our in-house programs. Immuron has an
ambitious program underway to further the development of our unique
hyperimmune bovine colostrum technology directed against
gut-specific pathogenic organisms. We are presently in the
process of a clinical program to take the IMM-124E/Travelan active
pharmaceutical ingredient (API) forward under the auspices of the
FDA to demonstrate IMM-124 can specifically prevent travelers’
diarrhea. And we are looking to move our second clinical drug
candidate IMM-529 forward in the clinic to treat patients with C.
difficile infections (CDI). This second clinical program will
entail the submission of an investigational new drug (IND)
application with FDA in the early part of 2020, with the intention
of focusing the drug’s development to specifically deal with
recurrent CDI in patients treated with antibiotics.”
ABOUT IMMURON:Immuron Limited
(ASX: IMC, NASDAQ: IMRN), is an Australian biopharmaceutical
company focused on developing and commercializing orally delivered
targeted polyclonal antibodies for the treatment of inflammatory
mediated and infectious diseases. Immuron has a novel and safe
technology platform with one commercial asset Travelan® generating
revenue. Immuron’s lead clinical candidate, IMM-124E, is presently
being developed as a drug to prevent Travelers’ Diarrhea. Immuron’s
second clinical-stage asset, IMM-529, targets Clostridium difficile
Infections (CDI), and is presently in a clinical trial in CDI
patients. These products together with the Company’s other
preclinical immunotherapy pipeline products currently under
development targeting immune-related and infectious diseases are
anticipated to meet pressing needs in the global immunotherapy
market.
For more information visit:
http://www.immuron.com
COMPANY CONTACT:Gary S. Jacob,
Ph.D.Chief Executive OfficerPh: +61 (0)3 9824
5254info@immuron.com |
AUS INVESTOR RELATIONS:Peter
TaylorNWR CommunicationsPh: +61 (0)4 1203
6231peter@nwrcommunications.com.au |
USA INVESTOR RELATIONS:Dave Gentry -
CEO RedChip Companies, Inc. US Ph: +1 (407) 491 4498
dave@redchip.com |
FORWARD-LOOKING STATEMENTS:
This press release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
each as amended. Such statements include, but are not limited
to, any statements relating to our growth strategy and product
development programs and any other statements that are not
historical facts. Forward-looking statements are based on
management’s current expectations and are subject to risks and
uncertainties that could negatively affect our business, operating
results, financial condition and stock value. Factors that could
cause actual results to differ materially from those currently
anticipated include: risks relating to our growth strategy; our
ability to obtain, perform under and maintain financing and
strategic agreements and relationships; risks relating to the
results of research and development activities; risks relating to
the timing of starting and completing clinical trials;
uncertainties relating to preclinical and clinical testing; our
dependence on third-party suppliers; our ability to attract,
integrate and retain key personnel; the early stage of products
under development; our need for substantial additional funds;
government regulation; patent and intellectual property matters;
competition; as well as other risks described in our SEC filings.
We expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations or any
changes in events, conditions or circumstances on which any such
statement is based, except as required by law.
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